Martin Fridson



The nearly universal belief in the City is that investors respond only to something-for-nothing propositions. A paradox lies therein: securities dealers extol the virtues of the market whenever the threat of regulation raises its ugly head. Their sales pitches to investors, however, offer no hint that the market fulfils its purpose of pricing capital appropriately in light of the associated risk. To hear salespeople talk, a portfolio manager can hardly set foot in the market without stumbling

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